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NEW YORK - On Thursday, Kimco Realty (NYSE:KIM) reported third-quarter earnings that exceeded analyst expectations, with funds from operations (FFO) of $0.44 per share surpassing the consensus estimate of $0.43, while revenue climbed to $535.86 million, beating the expected $523.13 million.
The real estate investment trust posted net income of $0.19 per diluted share, $0.01 above analyst estimates, as the company achieved record leased-to-economic occupancy spread and an all-time high in small shop occupancy.
Kimco’s shares showed minimal movement following the results, dipping just 0.05% in pre-market trading.
"Kimco’s third-quarter results reflect the company’s winning long-term strategy," said Conor Flynn, CEO of Kimco Realty . "The all-time highs for small shop occupancy and the rent commencement pipeline are great examples of the strong demand for our product and provide real visibility into our growth potential."
The company reported pro-rata portfolio occupancy of 95.7%, up 30 basis points sequentially, with small shop occupancy reaching a record 92.5%. Same-property net operating income grew 1.9% compared to the same period last year, primarily driven by a 2.1% increase in minimum rents.
Kimco’s leased-to-economic occupancy spread expanded to 360 basis points, representing $71 million in future annual base rent from signed leases that have not yet commenced.
The board declared a quarterly cash dividend of $0.26 per common share, a 4.0% increase over the prior year’s quarterly dividend.
Based on strong performance, Kimco raised its full-year 2025 outlook, with FFO now projected between $1.75 and $1.76 per diluted share, up from the previous guidance of $1.73 to $1.75. Net income guidance was also increased to $0.77-$0.79 per share from $0.74-$0.76.
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